What to do if you get a judgement against your LLC can you…

What to do if you get a judgement against your LLC can you just start a new company or just change the name.

Lawyer's Assistant: Can you tell me what state the LLC is registered in?

Utah

Lawyer's Assistant: Has anything been officially filed? If so, what?

Not yet but I can’t afford the trial so most likely they will get a judgement by default. I could close that business and use one in my wife’s name or another business I own. Does that keep them from collecting. Take all assets and money out of the company that gets the judgement on it. What’s your advice.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Normally here you just let the LLC go out of business.You can file Chapter 11 or simply get the assets out of it.Only the LLC has liability, if there is a judgment and no assets likely the judgment is noncollectable.You have right idea to get assets out and put them in another LLC and new EIN number and the other one goes away here. Anew LLC prior to judgment is the way to go here, the judgment then is noncollectible.

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).